Solar Photovoltaic Glass Market To Generate $51,223.5 Million Revenue by 2030

The solar photovoltaic glass market size is expected to advance at a CAGR of 29.1% during 2024–2030, to reach USD 51,223.5 million by 2030.

The increasing levels of GHG emissions, alongside the growing inclination toward the utilization of renewable energy sources, are the major factors driving the market expansion.

Solar photovoltaic glass aids in the conversion of light to electricity. The photovoltaic cells are incorporated between two sheets of glass and are connected to each other. The reduction in the carbon footprint, dependence on traditional sources of electricity, and, subsequently, energy bills is one of the major benefits of photovoltaic glass for users.

Increasing GHG Emission Levels

Globally, there has been a considerable rise in pollution levels. Greenhouse gases are primarily emitted from the burning of fossil fuels for various purposes, such as transportation and the generation of heat and electricity. The rise in industrialization and urbanization levels is also one of the reasons for the ever-rising levels of GHG emissions and pollution.

The burning of fossil fuels for generating electricity leads to the emission of harmful GHGs. The percentage of carbon dioxide and other harmful gases in the atmosphere is increasing rapidly, which leads to global warming. In recent years, GHG emission levels have been constantly rising. According to the IEA, in 2021, the energy consumption from the operation of buildings was 30% of the global final energy consumption, and the emissions amounted to 27% of the total energy sector emissions.

Since solar energy is a renewable source of energy, it does not add to the harmful GHGs present in the atmosphere. To decrease the level of GHG emissions, the deployment of various solar technologies, primarily PV modules, is increasing, which is propelling the demand for photovoltaic glass. Thus, the changing consumer preferences due to the rising awareness regarding the climate are likely to augment the solar photovoltaic glass market revenue in the coming years.

Utility Category Is Expected To Hold Largest Market Share

The utility category held the largest market share, around 52%, in 2023. The growth can be attributed to the surging number of solar projects. According to the Solar Energy Industries Association (SEIA), there are more than 94 GWdc of utility-scale solar projects either under construction or under development. Utility-scale solar facilities generate solar power and feed it to the grid, thus providing clean electricity to everyone. For instance, in 2021, the U.S. had a solar electricity capacity of 113.5 GW, and it was able to power 21.8 million homes.

Additionally, the commercial category is likely to hold a significant market share during the projection period. The growth can be attributed to the ease with which the glass can be integrated into buildings to generate energy for commercial use, while reducing carbon footprint.

Europe Is Expected To Hold Significant Market Share

The European region is likely to hold significant market share, around 25%, by 2030. The growth can be attributed to high installed PV capacities and several solar energy construction projects being carried out in the region. Furthermore, in December 2022, the Solar Photovoltaic Industry Alliance was founded to develop a PV ecosystem across Europe that will ensure the supply of a diversity of solar photovoltaic products. The EU’s target of manufacturing 30 GW worth of photovoltaic products across the entire supply chain by 2025 has already been defined.

Some of the companies operating in the solar photovoltaic glass market are Nippon Sheet Glass Co Ltd., AGC Inc., KANEKA CORPORATION, Sisecam, Xinyi Solar Holdings Limited, Taiwan Glass Ind. Corp, Flat Glass Group CO. LTD., Borosil Renewables Ltd., IRICO Group New Energy Co Ltd., Onyx Solar Group LLC, Targray Technology International Inc., and Qingdao Jinxin Glass Co. Ltd.